HSBC letter today

redmalc

Received a letter today advising HSBC are downgrading our Premier account.
I do not fulfil the criteria now,been with them 30 plus years,earn 100k per annum and last year spent 40K on the credit card,we finished our HSBC mortgage a few years ago and now unless I invest 50k with them it's goodbye.
They have done me a favour and made me look elsewhere and realised Santander will offer me a better deal with 123 account given I normally have 15/20 k in our current account.
Any better accounts. ?
Thanks

ColdIron

Have you tried Top Savings Accounts at the top of the page?

redmalc

Thank you for your comments

YorkshireBoy

redmalc wrote: »

They have done me a favour and made me look elsewhere

Nearly 8 years membership of MSE should have done that...long ago!

Pincher

Strictly speaking, the rules don't care about how much you earn.
I said I would put £1,000 through per month through when I started the account, just because they asked, but there is no minimum.

To keep £50k in a bank just to have the word Premier on your card is obviously vanity before sanity.

The InvestDirect trading account is great for long term share holding, as it has no custodian charges. Until earlier this year, there was no quarterly charges either. I am not sure, but I think the S&S ISA is fee free.

The Global view feature allows me to transfer money to Asia, for FREE.


To keep the vanity aspect:

https://www.caterallen.co.uk/sterling-bank-account-for-individuals

A £5k minimum gives you an account with a vague exclusivity.

You can go for the £100k minimum Private bank account, if you want to park some investments long term.

petesfw

My 1st post on the MSE forums, so please be gentle with me!!!


I am also with HSBC but have a Advance account not a Premier. I have also been
considering whether to open a Santander 123 account or two because of the interest on this account. A couple of points if I may:- 1) How many 123 accounts can I /wife have so that I can have multiple £20K's invested and 2) If I continue with my HSBC account at least initially (we have cash ISA's with them also) then can I have my monthly money still going into this HSBC account but pay from it the mandatory £500/account into my 123 account/s by direct debit a day or two after?


Many thanks for bearing with me.

Vortigern

petesfw wrote: »

My 1st post on the MSE forums, so please be gentle with me!!!


I am also with HSBC but have a Advance account not a Premier. I have also been
considering whether to open a Santander 123 account or two because of the interest on this account. A couple of points if I may:- 1) How many 123 accounts can I /wife have so that I can have multiple £20K's invested and 2) If I continue with my HSBC account at least initially (we have cash ISA's with them also) then can I have my monthly money still going into this HSBC account but pay from it the mandatory £500/account into my 123 account/s by direct debit a day or two after.

Welcome to the forum.

You and your wife can have 3 Santander123 accounts between you, comprising a sole account for each of you and one joint account. You can pay the £500 from HSBC to Santander by standing order (not direct debit). You will need 2 direct debits on each Santander account to qualify for the interest. These DDs do not have to pay out monthly. Search for forum for how to generate DDs, it's a frequently asked question.

A gentle hint for a newbie: When you're asking about Santander, look for a thread with Santander in the title, or start a new thread of your own.

petesfw

Many thanks Vortigern for the comments on HSBC & Santander I will be using that
information. Appreciated.
Hint noted regarding starting a new thread or looking for Santander.I haven't quite got
used to using the site yet but hope to be a little more savvy in the future.Thanks again

dqnet

HSBC are a useless bank, they take the customers that cost them the least and downgrade or close accounts
and the customers that cost them the most and squeeze more out of them, at the end of the day, the bank is being honest in some respect and getting rid of who dont make them money

joe134

I have been with Hsbc 55+ years, and cannot complain about them.
Saying that, they are reluctant to give me a straight forward answer, YES/NO regarding my loyalty isa.
Opened it last year,with £300, Vantage A/c and received my £10 pm,
all fine,and since the begining of this year, I have consolidated several Isa's into my loyalty Isa, and now have £75k.
When I ask, YES or NO, does all this earn the 1.2%, they just give me the link about the rates.?
1.2% is ok, as I can only get 1.3% fixing it , so will leave it there until some thing better comes along :rotfl:
BUT, only if it is ALL earning the 1.2%??
Reading the T/c's it is,as each new subscription reboots the 1.2%???? but, they will not state YES/NO.

xylophone

now have £75k.

And when interest is added you will have more than £75,000...

http://www.moneysavingexpert.com/savings/safe-savings